Tesla’s place atop the EV market could be coming to an end

There was a time when Tesla had a technological advantage over competitors. Not anymore.

Ask most people in the U.S. to name an electric vehicle company, and one word will immediately come to mind: Tesla. Elon Musk’s EV firm has dominated discourse—and dominates the market in many areas. It had a 62% share of the EV market in the United States in 2022. But times are tough, and Monday’s announcement that Tesla will be laying off more than 10% of its staff, or 14,000 people, is an indication that dominance is slipping.